Coal exporters from Australia reaped as much as $45bn in windfall gain in the 2021-22 year, with a similar bonanza likely this year.
The Australia Institute has said in a report that Russia’s invasion of Ukraine and subsequent disruption to energy markets alone had delivered between $13bn and $23bn of gains to coal companies. All up, those gains totalled between $39bn and $45bn.
“This research shows it’s not just gas exporters who have been reaping the benefit of Russia’s invasion of Ukraine,” said Richard Denniss, executive director of the Australia Institute. “Coal companies have also been making a killing while households and businesses are slugged with surging prices for Australian energy."
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